Fifth interregional forum to spur development of ties between Azerbaijan and Russia

Photo: Fifth interregional forum to spur development of ties between Azerbaijan and Russia
 / Economy news

Gabala, Azerbaijan, June 23

By Zulfiyya Gurbanova - Trend:

Azerbaijani-Russian relations are developing dynamically, according to Dagestan's President Ramazan Abdulatipov.

President Abdulatipov made the remarks speaking to reporters on June 23 on the sidelines of the 5th Azerbaijani-Russian forum titled 'Interregional cooperation: new opportunities for growth'.

He said the 5th Azerbaijani-Russian interregional forum will spur the development of bilateral ties between Azerbaijan and Russia. Abdulatipov added that the two countries have ties in economic, cultural and other areas, and a large role in their development is played by the two countries' presidents.

Dagestan's president also expressed the hope that the friendly ties between Azerbaijan and Russia will continue to develop further.

The two countries have signed over 160 documents, including more than 40 documents in the economic area.

The trade turnover between Azerbaijan and Russia increased by 10.5 percent in 2013 compared with 2012, and stood at about $2.6 billion, according to Azerbaijani State Customs Committee.

Today, Russia ranks third in Azerbaijan's trade turnover, and holds the first place for imports.

Currently, there are 570 companies in Azerbaijan operating with Russian capital. Over recent years, the Russian side invested about $1.8 billion in Azerbaijan's economy.

Over the past 10 years, direct investments in the Russian economy from Azerbaijan exceeded $1 billion, while last year these investments reached a record level of over $250 million.

Edited by CN

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